Baku: Daily global oil supply decreased by 10.1 million barrels in March of this year to 97 million barrels, the International Energy Agency (IEA) said, APA-Economics reports.

According to Azeri-Press News Agency, this was due to ongoing attacks on energy infrastructure in the Middle East and the continued restrictions on tanker movement through the Strait of Hormuz.

In March, daily production in OPEC+ countries decreased by 9.4 million barrels month-on-month to 42.4 million barrels. In non-OPEC countries, supply decreased by 770,000 barrels compared to the previous month, amounting to 54.7 million barrels.

The IEA reduced its forecast for daily global oil supply in 2026 by 2.5 million barrels compared to the previous report. Thus, in 2026, this indicator is expected to decrease by 1.5 million barrels globally to 104.7 million barrels.

OPEC+ is an initiative covering OPEC and non-OPEC countries aimed at reducing oil production to balance the market. Azerbaijan is also a participant in the OPEC+ agreement.